Then eurozone politicians talk about the need for a rescue package, building stability... blah blah blah.

The next moment the stock market falls and the same cycle begins all over again, in a seemingly unending sequence of doom.

In a recent survey 90 per cent of people said that the economy of the eurozone is getting worse.

Presumably the other 10 per cent are on Prozac.

Eurozone politicians talk about the need for a rescue package, building stability... blah blah blah

Here’s the rub: it’s completely mad.

All of it.

The fundamentals won’t change no matter how many so-called rescue packages are cobbled together.

Greece is a basket case that has lived beyond its means for years and the euro is inherently unstable.

None of the bail-outs make any difference to these fundamental truths.

You know that Greece is going to default.

I know that Greece is going to default.

The Greeks know that Greece is going to default.

Everyone knows that Greece is going to default.

And yet week by week the governments of the eurozone pretend they can’t see what is staring them in the face.

Yet on and on this idiotic cycle goes, pretending that if only the euro can get over this hiccup, things can turn a corner.

YESTERDAY we saw the latest instalment with news that can have surprised
not a single sentient being: Greece is not going to cut its spending
enough to meet the target agreed with the International Monetary Fund
and the EU.

The 2011 Greek deficit is now projected to be 8.5 per cent of GDP, down
from 10.5 per cent in 2010 but short of the 7.6 per cent target set by
the EU and IMF.

Inspectors are now in Athens looking at the books to decide if Greece
should be handed over a further e8billion (£6.9billion) to avoid going
bankrupt.

Without it the Greek government won’t be able to pay public sector workers, let alone its debt interest.

Of course it shouldn’t
be given the money.

Yet we all know what will happen. Greece will get the latest tranche of
funds.

There is only one remotely sensible step to take – one which
should have been taken weeks ago.

Greece has to take the consequences
of its spending and its membership of the euro.

The eurozone ministers say that bankruptcy must be avoided at all costs.
It would put possibly terminal pressure on the euro, severely damage
European bank finances (many are heavily exposed to Greek debt) and have
a knock-on effect on the world economy.

If it were only true that Greece going bankrupt would kill the euro! But
the euro has never been grounded in economic reality.

It has always
been a political project. If it had the least basis in economic sense
then Greece would never have been allowed to join in the first place.

So although common sense would suggest that a Greek collapse points
towards the unraveling of the euro, the governments which created it will simply carry on regardless.

They have ignored the real world from day one.

That will not change.

But the real world will not ignore them.

That is the root cause of the
crisis.

Politicians are attacking the financial markets as if their
behaviour is to blame. That is the opposite of the truth. The markets
are simply reacting to the inherent chaos caused by the creation of the
euro.

That is why European politicians hate markets so much.

The markets see
through the dissembling, the cant and the economic idiocy which is the
eurofanatics’ stock in trade.

Indeed so rational have the markets been that there is every likelihood
that when the Greek default eventually happens – and it will – the
impact will be far less severe than the received wisdom has it.

This is
because the markets have, almost certainly, already factored in to their
decisions the inevitability of a Greek default.

It will not be a shock but if that sounds hopeful it shouldn’t because the same catastrophic thinking that has led to the current crisis remains.

The politicians who have foisted the euro on us will never concede that they may be wrong.

For the past two decades anger across Europe over betrayal by eurofanatic politicians has been ignored.

With the major parties all, to varying degrees, guilty, there has been no prospect of change.

It is too soon to predict that the political terms of trade may be changing, but there must be some hope.

When Greece finally defaults the lies and the smokescreens on which the edifice of Europe is built – not just the euro, but the Commission, the supra-national government and the idea that we are Europeans rather than citizens of our own nation states – will be exposed.

Out of the ashes of the current crisis may just arise something worthwhile.